Vanguard Group Inc. Cuts Position in Sun Communities, Inc. (NYSE:SUI)

Vanguard Group Inc. cut its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,543,362 shares of the real estate investment trust's stock after selling 11,191 shares during the quarter. Vanguard Group Inc. owned 13.77% of Sun Communities worth $2,157,307,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. FMR LLC grew its holdings in shares of Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock valued at $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock valued at $288,244,000 after buying an additional 442,557 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust's stock valued at $178,868,000 after buying an additional 1,209,522 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock worth $138,149,000 after buying an additional 47,899 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Sun Communities by 26.7% in the 4th quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust's stock valued at $100,758,000 after acquiring an additional 172,924 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

SUI has been the topic of several recent research reports. Truist Financial raised their price target on Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Wells Fargo & Company dropped their price target on shares of Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group cut their price target on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $136.60.

Sun Communities Trading Down 1.3 %

Shares of SUI traded down $1.72 during trading hours on Monday, reaching $128.53. 1,135,997 shares of the company traded hands, compared to its average volume of 826,847. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market capitalization of $16.40 billion, a price-to-earnings ratio of 69.10 and a beta of 0.90. The company's fifty day moving average price is $128.93 and its two-hundred day moving average price is $128.91. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million for the quarter, compared to analysts' expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.93%. Sun Communities's dividend payout ratio (DPR) is 508.11%.

About Sun Communities

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.